Montrose Environmental Group (NYSE:MEG) Trading Down 5.6% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG) shares traded down 5.6% during mid-day trading on Thursday . The company traded as low as $22.28 and last traded at $22.18. 130,788 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 560,680 shares. The stock had previously closed at $23.51.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MEG shares. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a research report on Friday, January 17th. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research note on Thursday, October 17th. Finally, Stifel Nicolaus cut their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Montrose Environmental Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.60.

Montrose Environmental Group Price Performance

The business’s 50-day moving average price is $18.99 and its 200 day moving average price is $25.48. The company has a market capitalization of $806.53 million, a P/E ratio of -15.78 and a beta of 1.70. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Montrose Environmental Group by 43.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after purchasing an additional 586 shares during the last quarter. Natixis Advisors LLC boosted its position in Montrose Environmental Group by 6.9% during the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock valued at $549,000 after buying an additional 1,351 shares during the period. Wrapmanager Inc. grew its stake in shares of Montrose Environmental Group by 18.8% during the third quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock valued at $236,000 after buying an additional 1,420 shares during the last quarter. KBC Group NV increased its holdings in shares of Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after buying an additional 1,613 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Montrose Environmental Group by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock valued at $540,000 after acquiring an additional 1,695 shares during the last quarter. Institutional investors own 87.87% of the company’s stock.

About Montrose Environmental Group

Montrose Environmental Group, Inc operates as an environmental services company in the United States, Canada, and internationally. The company operates in three segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse. The Assessment, Permitting and Response segment provides scientific advisory and consulting services to support environmental assessments; environmental emergency response and recovery; toxicology consulting and environmental audits and permits for current operations; facility upgrades; new projects; decommissioning projects; and development projects.